GACL inks MOU with Evonik Industries AG, Germany

Gujarat Alkalies And Chemicals Ltd. | Chemicals | Chemicals & Fertilizers | BSE: 530001 | NSE: GUJALKALI

16 Nov 2011 Evaluate

Gujarat Alkalies and Chemicals (GACL) has signed a non-binding memorandum of understanding (MOU) with Evonik Industries, AG, Germany, or any of its affiliates (Evonik) for setting up a 50:50 joint venture (JV) company for manufacturing hydrogen peroxide in Gujarat at India. It will be the largest sustainable hydrogen peroxide manufacturing facility in India based on Evonik's technology.

Pursuant to this MOU, Evonik and GACL are expected to conclude various agreements and achieve financial closure by December, 2012, subject to obtaining the relevant Government and corporate approvals and fulfilling the other conditions precedent agreed between Evonik and GAGL. The plant is estimated to be operational by end of 2014. The world scale new production unit of the JV company with Evonik's latest technology would be located at Dahej, Gujarat. The JV company's total hydrogen peroxide production capacity would be about 1,40,000- 1,80,000 TPA.

GACL will also set-up a manufacturing facility for propylene oxide as a part of forward integration project on stand alone basis with a total capacity of 1,50,000-2,00,000 TPA at Dahej.

Gujarat Alkalies and Chemicals is engaged in business of manufacturing basic chemicals such as sodium cyanide, sodium ferrocyanide, chloromethanes, hydrochloric acid, caustic potash, potassium carbonate, phosphoric acid (85%) and hydrogen peroxide.

The company’s net profit after tax for the quarter increased by 84.19% at Rs 37.06 crore as compared to Rs 20.12 crore for the quarter ended September 30, 2010. Net sales has increased by18.64% to Rs 417.16 crore for the quarter under review from Rs 351.61 crore for the similar quarter of the previous year.

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